The Valencian Law 6/2020 rules that if you buy a property that has been repossessed in the last 15 years, the Valencian Government has a first option to buy it, if they equal the price you have offered for it.

In practice, it is extremely unlikely that the Valencian Government is interested in equalling any offer, but it has to be reported officially either way, and they have 60 days to equal the offer.

That means that the purchase process takes longer than usual, and it is something to have in consideration when the contract is drafted, and completion date is agreed.

This limitation applies even when you buy from a private vendor, in other words: you do not need to purchase from a bank for it to apply, what matters is if in the 15 years prior to the purchase the house was repossessed at any point.

This is an issue that should be checked by the lawyer that assists you in the purchase, actually it is one of the first searches to carry out, in order to have security on the completion deadlines.

Please note that this Law applies in the Valencian Region only.